Here are the key factors to keep in mind today for Euro trades:
- French Manufacturing PMI, Services PMI and Composite PMI: The Preliminary French Markit Manufacturing PMI for October was reported at 51.2. Economists predicted a figure of 52.4. Forex traders can compare this to the French Markit Manufacturing PMI for for September which was reported at 52.5. The Preliminary French Markit Services PMI for October was reported at 55.6. Economists predicted a figure of 54.7. Forex traders can compare this to the French Markit Services PMI for for September which was reported at 54.8. The Preliminary French Markit Composite PMI for October was reported at 54.3. Economists predicted a figure of 53.9. Forex traders can compare this to the French Markit Composite PMI for for September which was reported at 54.0.
- German Manufacturing PMI, Services PMI and Composite PMI: The Preliminary German Markit Manufacturing PMI for October was reported at 52.3. Economists predicted a figure of 53.4. Forex traders can compare this to the German Markit Manufacturing PMI for for September which was reported at 53.7. The Preliminary German Markit Services PMI for October was reported at 53.6. Economists predicted a figure of 55.5. Forex traders can compare this to the German Markit Services PMI for for September which was reported at 55.9. The Preliminary German Markit Composite PMI for October was reported at 52.7. Economists predicted a figure of 54.8. Forex traders can compare this to the German Markit Composite PMI for for September which was reported at 55.0.
- Eurozone Manufacturing PMI, Services PMI and Composite PMI: The Preliminary Eurozone Markit Manufacturing PMI for October was reported at 52.1. Economists predicted a figure of 53.0. Forex traders can compare this to the Eurozone Markit Manufacturing PMI for for September which was reported at 53.2. The Preliminary Eurozone Markit Services PMI for October was reported at 53.3. Economists predicted a figure of 54.5. Forex traders can compare this to the Eurozone Markit Services PMI for for September which was reported at 54.7. The Preliminary Eurozone Markit Composite PMI for October was reported at 52.7. Economists predicted a figure of 53.9. Forex traders can compare this to the Eurozone Markit Composite PMI for for September which was reported at 54.1.
- Eurozone Money Supply M3: Eurozone Money Supply M3 for September increased by 3.5% annualized. Economists predicted an increase of 3.5%. Forex traders can compare this to Eurozone Money Supply M3 for August which increased by 3.5% annualized.
Here are the key factors to keep in mind today for US Dollar trades:
- US House Price Index: The US House Price Index for August is predicted to increase by 0.3% monthly. Forex traders can compare this to US House Price Index for July which increased by 0.2% monthly.
- US Markit Manufacturing PMI, Services PMI and Composite PMI: The Preliminary US Markit Manufacturing PMI for October is predicted at 55.5. Forex traders can compare this to the US Markit Manufacturing PMI for September which was reported at 55.6. The Preliminary US Markit Services PMI for October is predicted at 54.0. Forex traders can compare this to the US Markit Services PMI for September which was reported at 53.5. The Preliminary US Markit Composite PMI for October is predicted at 54.0. Forex traders can compare this to the US Markit Composite PMI for September which was reported at 53.9.
- US New Home Sales: US New Home Sales for September are predicted to decrease by 0.6% monthly to 625K new homes. Forex traders can compare this to US New Home Sales for August which increased by 3.5% monthly to 629K new homes.
Should price action for the EURUSD remain inside the or breakout above the 1.1365 to 1.1475 zone the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Long Position
- Entry Level: Long Position @ 1.1415
- Take Profit Zone: 1.1620 – 1.1660
- Stop Loss Level: 1.1300
Should price action for the EURUSD breakdown below 1.1365 the following trade set-up is recommended:
- Timeframe: D1
- Recommendation: Short Position
- Entry Level: Short Position @ 1.1335
- Take Profit Zone: 1.1120 – 1.1180
- Stop Loss Level: 1.1415
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